8,643.88 TRY BIST 100 BIST 100
4.87 CNY CNY CNY
34.34 USD USD USD
37.42 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
45.07 TRY Interest Interest
75.11 USD Fossil Oil Fossil Oil
32.50 USD Silver Silver
4.45 USD Copper Copper
102.15 USD Iron Ore Iron Ore
374.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,026.19 TRY Gold (gr) Gold (gr)

Tata Steel plans to reduce some of its activities in the UK

If Tata Steel is unable to secure adequate financial support from the British government in the next 12 to 24 months, it may be considering closing a significant portion of its UK operations.

Tata Steel plans to reduce some of its activities in the UK

Tata Steel's operations in Europe are not generating sufficient cash flow to make new investments in obsolete assets or to switch to green steel operations, the company said in a statement.

Tata Steel had long been in talks with the British authorities for financial support. The Rishi Sunak government has offered £300 million in aid for green transformation, but the company says this is not enough.

The company believes that the possible consequences of the end-of-life closure of capacity in the UK will not affect parent company Tata Steel India, especially its financial flows, as it is a matter of millions, not billions of dollars.

In addition, the company's financial report for 2022/2023, published this week, signalled uncertainty about Tata Steel UK's ability to continue operations. This conclusion was reached following a stress test designed to assess the vulnerability of businesses due to a possible economic downturn in Europe. At the same time, it was stated that the business, which focuses on operations in the Netherlands, has sufficient liquidity to overcome a possible crisis.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

China's steel demand expected to increase: PMI data support production

Tuesday, November 5, 2024

SAARSTAHL RAIL awarded as “2024 sustainability champion”

Tuesday, November 5, 2024

U.S. crude steel production declines on a weekly basis

Tuesday, November 5, 2024

Malaysia initiates review of anti-dumping duties on stainless steel imports

Tuesday, November 5, 2024

China’s stainless steel exports increased by 33,7% in September

Tuesday, November 5, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now